New Auto Purchase Tax Deduction Available in States Without Sales Tax
WASHINGTON - The Department of Treasury today announced that a
tax deduction for the purchase of new motor vehicles is available in states that do not have a state sales tax. Under the American Recovery and Reinvestment Act of 2009, taxpayers who buy a new motor vehicle this year are entitled to deduct state or local sales or excise taxes paid on the purchase. The Treasury Department has determined that purchases made in states without a sales tax-such as Alaska, Delaware, Hawaii, Montana, New Hampshire and Oregon-can also qualify for the deduction.
It must be nice to be able to support your portfolio to this degree. Need a new car? Can't yet afford it due to a subprime loan and and the lack of a job? Come on down and see Good ole Uncle Sam!